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  • FIRST POST
    • MSE Andrea
    • By MSE Andrea 5th Nov 12, 5:42 PM
    • 8,744Posts
    • 21,023Thanks
    MSE Andrea
    Struggling with debt? Ask a debt advisor a question
    • #1
    • 5th Nov 12, 5:42 PM
    Struggling with debt? Ask a debt advisor a question 5th Nov 12 at 5:42 PM
    MSE Update 18 November 2016

    Hi everyone! After four years on this discussion we've started a new one to keep it fresh and so you can see the latest information.

    Please use the new discussion to ask your questions.

    Back to the original discussion:

    -----

    If you need help with your debts, this is the thread for you.

    Trained advisors from StepChange Debt Charity (formerly CCCS) are here and waiting to answer your debt questions. Theyíre a friendly bunch so please donít be shy!

    There are three ways to get in touch:

    1 - Simply post your question below and Richard, Allen, Rachael, Linsi or Kirsty will reply. If your question is about bankruptcy, then pop over to the Bankruptcy board.

    2 - If you would prefer to ask a question in private, feel free to send a message to StepChange Private Messages.

    3 Ė StepChange Debt Remedy is a free and confidential online debt advice tool. You can put a budget together at your pace, and you can also talk it over with an advisor through online chat.

    If you're a StepChange Debt Charity client already, please contact its Aftercare team rather than posting in this thread (their contact details are in your Welcome Pack).

    This is discussion thread part three, see parts one and two.



    Finally, follow @MSE_Forum on twitter for debate and discussion on all things MoneySaving and more.

    If you havenít already, join the forum to reply!
    This Forum tip was included in MoneySavingExpert.com's weekly email!
    Last edited by MSE Andrea; 18-11-2016 at 1:10 PM.
    Could you do with a Money Makeover?


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Page 166
    • Jennye86
    • By Jennye86 5th Nov 16, 6:40 PM
    • 1 Posts
    • 0 Thanks
    Jennye86
    Hi,
    I am unsure on where to gather some much needed information and was hoping someone here could assist.
    Approx 3years ago a home I owned jointly was repossessed by GE Money. Last year the main body GE Capital sold off their mortgage lending GE Money in the UK.
    What does this mean for anyone like myself who owed money. I have been trying to find out what the situation is in order to decide on what steps to take next.
    Thank you.
    • LMC83
    • By LMC83 6th Nov 16, 6:25 PM
    • 4 Posts
    • 2 Thanks
    LMC83
    Hi, I've just had m DMP review and they've suggested I go onto an IVA instead as at my current payment rate it'll take me about 30 years to clear my debts. Can you please advise me:

    1. They said it can affect some employment. I'm a nurse and also registered as a social worker (though not employed as this at the moment). Is this likely to be an issue? It's not really a conversation I want to have with my boss.

    2. Some of the debts that would be included are joint with my ex husband. We're now on separate DMPs as he wasn't reliable in paying his share of the joint one. I doubt he'll keep up his separate DMP or bother with an IVA so how will this affect me on an IVA if he fails to repay towards joint debts?

    Thanks
  • StepChange_Rachael
    Hi

    Thanks for your post and welcome to the forum.

    It’s quite common for a creditor to sell a debt on once it’s defaulted. When this happens a collections agency will then start collecting for the debt on their behalf.

    I think it’s quite likely the debt will have been sold on.

    The company will normally send you a letter to confirm who’s now collecting for the debt so you are aware who to expect correspondence from.

    One way to find out about where you stand with an outstanding debt is to check your credit file.
    Your credit file will show details of your debts. There are three credit agencies In the UK. Call credit (Noddle), Equifax and Experian.

    Not every creditor updates their information to all three. If you’re unsure of the debts you have or can’t find an expected debt registered on one of the credit reference agencies then I’d suggest running off a report for the others.

    Noddle is free, if you decide to use Equifax and Experian they normally give you a month’s free trial. Make sure you cancel your membership within the free 30 day trial or you’ll be charged a monthly fee.

    Equifax also has an application called Clear score you can use for free.

    Hope this helps.
    Rachael


    Hi,
    I am unsure on where to gather some much needed information and was hoping someone here could assist.
    Approx 3years ago a home I owned jointly was repossessed by GE Money. Last year the main body GE Capital sold off their mortgage lending GE Money in the UK.
    What does this mean for anyone like myself who owed money. I have been trying to find out what the situation is in order to decide on what steps to take next.
    Thank you.
    Originally posted by Jennye86
    Last edited by StepChange_Rachael; 08-11-2016 at 8:57 AM.
    I work as a debt advisor for StepChange Debt Charity and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy.

    Don't be afraid of getting debt advice. We'll help you take one more step towards getting help with your debt.
    • StepChange Private Messages
      Verified User verified user
    • By StepChange Private Messages Verified User verified user 7th Nov 16, 2:09 PM
    • 112 Posts
    • 115 Thanks
    StepChange Private Messages
    Hi

    Thanks for your post.

    Firstly some types of employment can be affected with an Individual Voluntary Arrangement (IVA), as itís a type of insolvency. Itís unlikely to affect most types of employment but itís important to check if youíve any concerns.

    If you donít feel comfortable asking your boss then there are a few alternative ways to find out. You could check your agreement, if it affects your employment it should be written in your contract.

    You could also ask your Human Resources (HR) in confidence or if youíre registered with a nurses union then they will be able to let you know if it would be a problem.

    You could also contact the Insolvency Service if the other ways arenít an option for you at the moment.

    Secondly, at the end of the IVA youíd no longer be liable for any remaining debt. The liability for any remaining debt in a joint name will still be liable to the other named person unless they also go ahead with insolvency.

    Any debt solely in your name will be written off at the end of the IVA.

    I assume youíre a client of ours. If so, you can find our contact details here to discuss our advice with you further.

    Even if youíre not a client feel free to contact us before you go ahead with an IVA for a second opinion and further impartial advice.

    Hope this helps.
    Rachael



    Hi, I've just had m DMP review and they've suggested I go onto an IVA instead as at my current payment rate it'll take me about 30 years to clear my debts. Can you please advise me:

    1. They said it can affect some employment. I'm a nurse and also registered as a social worker (though not employed as this at the moment). Is this likely to be an issue? It's not really a conversation I want to have with my boss.

    2. Some of the debts that would be included are joint with my ex husband. We're now on separate DMPs as he wasn't reliable in paying his share of the joint one. I doubt he'll keep up his separate DMP or bother with an IVA so how will this affect me on an IVA if he fails to repay towards joint debts?

    Thanks
    Originally posted by LMC83
    I work as a debt advisor for StepChange Debt Charity and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy.

    Don't be afraid of getting debt advice. We'll help you take one more step towards getting help with your debt.
    • xxciaraxx
    • By xxciaraxx 9th Nov 16, 11:21 AM
    • 4 Posts
    • 2 Thanks
    xxciaraxx
    Unpaid Credit Cards & Pay Day Loans, How long until Creditors Sue?
    Good Morning all,

    I am currently in a Scottish Trust Deed (Protected) and I have been keeping up with my payments over the past 2 years.


    My partner has recently visited a Scottish debt company regarding setting up a Debt Arrangement Scheme for him regarding unsecured debts of around £10,000 made up of pay day loans and credit cards. The Company require a £295 set up fee for the Debt Arrangement Scheme and it looks like we won't be able to pay this until the New Year with Xmas etc coming up.


    He hasn't made any payments towards his debts since July this year and of course he has been receiving the telephone calls and letters. I'm just wondering if holding off until January would be ok for the DAS or can creditors take him to court for not paying anything in the past 6 months?


    We do really want to get on our feet but we won't have the set up fee until early next year.


    Many thanks


    x
    • Cakelover2016
    • By Cakelover2016 9th Nov 16, 1:05 PM
    • 1 Posts
    • 0 Thanks
    Cakelover2016
    Please help my son.
    Hello, I hope you can give me some advice. My son has debts around 10k and I am quite worried about him. He is 25 and earns 30k pa. He is single and has a healthy social life but I think that is why he is in a lot of debt. He doesn't like to dwell on his debts and goes out to enjoy his life (to stop feeling down about his money situation) but it's making it worse. He is trying to pay his debts at the same time but his situation just doesn't change. Sometimes he gets really upset about his situation but he is young and wants to enjoy himself too. I don't know what to do to help him. I advise him to not spend money on going out so much but he is so used to that life that he feels he can't change it and doesn't want to miss out on anything his friends are doing. Please can you help?
  • StepChange_Allen
    Good Morning all,

    I am currently in a Scottish Trust Deed (Protected) and I have been keeping up with my payments over the past 2 years.


    My partner has recently visited a Scottish debt company regarding setting up a Debt Arrangement Scheme for him regarding unsecured debts of around £10,000 made up of pay day loans and credit cards. The Company require a £295 set up fee for the Debt Arrangement Scheme and it looks like we won't be able to pay this until the New Year with Xmas etc coming up.


    He hasn't made any payments towards his debts since July this year and of course he has been receiving the telephone calls and letters. I'm just wondering if holding off until January would be ok for the DAS or can creditors take him to court for not paying anything in the past 6 months?


    We do really want to get on our feet but we won't have the set up fee until early next year.


    Many thanks


    x
    Originally posted by xxciaraxx
    Hi Ciara

    Thanks for your post.

    I can understand that you both want to get something sorted as soon as possible. Creditors can look to take further action against someone as soon as the original credit agreement has been broken. I can't be sure whether your partner's creditors will or won't do this though.

    Where it's a recommended solution after a financial assessment, we offer and management debt payment programmes (DPPs) through the Debt Arrangement Scheme (DAS) here at StepChange, and don't charge set up fees. If that's of any interest to your partner, then please feel free to contact us - details are here on our website.

    I hope this helpful.

    Allen
    I work as a debt advisor for StepChange Debt Charity and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy.

    Don't be afraid of getting debt advice. We'll help you take one more step towards getting help with your debt.
  • StepChange_Rachael
    Hi

    Welcome to the forum and thanks for posting.

    I can understand your concern that your son is struggling with his finances and that youíd want to help them find the best way forward to becoming debt free.

    I think it would be good for your son to be able to see exactly what comes in monthly and what his expenditures are, what his payments to the creditors are and what is left over. Using a budget to see the full picture of your financial situation, especially if itís not something theyíve done before can be really useful to highlight areas of over spending.

    Your son will then be able to see the full picture, how long itíll take him to pay back the debts and what he has left over realistically for his social life.

    Ultimately if heís able to keep up with his essential living costs, minimum payments to the creditors and is either breaking even or has something left over at the end of the month then this is the best scenario as it means heís not getting into further debt and not at risk of further action from the creditors.

    A realistic budget will also show if your son, once heís budgeted for his essential living costs, is struggling to meet the minimum payments to his creditors. If this is the case then Iíd suggest that your son seeks further debt advice.

    For tailored debt advice your son can use our anonymous online tool called Debt Remedy. This can be completed online by including his income, expenditure and debts.

    Once completed it will them let him access our advice and recommendations based on his individual situation. The personal action plan includes a budget which can be used going forward to help keep on top of his monthly expenditure.

    You can access Debt Remedy here.

    Take care
    Rachael




    Hello, I hope you can give me some advice. My son has debts around 10k and I am quite worried about him. He is 25 and earns 30k pa. He is single and has a healthy social life but I think that is why he is in a lot of debt. He doesn't like to dwell on his debts and goes out to enjoy his life (to stop feeling down about his money situation) but it's making it worse. He is trying to pay his debts at the same time but his situation just doesn't change. Sometimes he gets really upset about his situation but he is young and wants to enjoy himself too. I don't know what to do to help him. I advise him to not spend money on going out so much but he is so used to that life that he feels he can't change it and doesn't want to miss out on anything his friends are doing. Please can you help?
    Originally posted by Cakelover2016
    I work as a debt advisor for StepChange Debt Charity and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy.

    Don't be afraid of getting debt advice. We'll help you take one more step towards getting help with your debt.
    • assj
    • By assj 10th Nov 16, 4:08 PM
    • 1,989 Posts
    • 820 Thanks
    assj
    Can I please ask, how does a lump some payment IVA differ. Can I simply opt to offer a lump sum payment? How much is likely to be accepted? Thanks for any guidance or advice.
    Debts

    Barclaycard - £11200 £10506.42

    Halifax Credit Card £5834.75
  • StepChange_Rachael
    Hi

    Thanks for your post.

    Individual Voluntary Arrangements (IVAs) really do vary for the individual. A lump sum IVA will normally last 6 months and will in most cases be one lump sum only. Some lump sum IVAs will be expected to make monthly contributions towards the IVA as well.

    A lump sum IVA differs to a regular IVA as an IVA will normally last 5-6 years and consist of monthly payments only.

    As the IVA has to be agreed by 75% of the creditors there is no set amount because itís up to the creditors if they are willing to accept a reduced payment in an IVA or not.

    They may decide not to accept and instead take the collection routes available to them to collect for the debt in full.

    There is also the option of offering the creditors a full and final settlement. This isn't a form of insolvency but an informal agreement.

    Itís important for anyone taking this route to treat the creditors fairly and offer them each an amount based on the lump sum available and the debt total. This way the creditors are offered a fair payment.

    Itís also important if a settlement is accepted, to ask for written confirmation of the agreement before the debt is paid.

    If you have a lump sum available, expected lump sums or assets that youíd be willing to release and want to look into a lump sum IVA Iíd suggest seeking some further advice tailored to your situation.

    You can contact us for free advice and support. Here are our contact details.

    Thanks
    Rachael



    Can I please ask, how does a lump some payment IVA differ. Can I simply opt to offer a lump sum payment? How much is likely to be accepted? Thanks for any guidance or advice.
    Originally posted by assj
    I work as a debt advisor for StepChange Debt Charity and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy.

    Don't be afraid of getting debt advice. We'll help you take one more step towards getting help with your debt.
    • Lauram13
    • By Lauram13 11th Nov 16, 12:26 PM
    • 2 Posts
    • 0 Thanks
    Lauram13
    Very Debt
    I have stupidly ran up a huge account with Very, and they are now looking for £200 per month which I'm really struggling with. Does anyone know how I can go about asking them if I can go on a payment plan with them?
  • StepChange_Richard
    I have stupidly ran up a huge account with Very, and they are now looking for £200 per month which I'm really struggling with. Does anyone know how I can go about asking them if I can go on a payment plan with them?
    Originally posted by Lauram13
    Hi

    Welcome to the forum. I'm sorry to hear your struggling, but you've come to the right place for some help.

    You can certainly ask Very if they will agree to a payment plan with you. If you're unable to pay what they have asked they will likely want to go through an income and expenditure budget with you to find out what you can afford to pay. If they feel you cannot pay them enough, they will likely suggest that you contact an advice charity (such as ourselves) and go through the advice process to see what options you have.

    You can start our advice process now if you like as we will be able to help work out what is fair and affordable for you to pay. You can use our Debt Remedy tool on our website to build a budget in your own time. Once this is complete the website will suggest the best plan to help you with your debt. All of this completely free too.

    I hope this helps.

    Richard
    I work as a debt advisor for StepChange Debt Charity and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy.

    Don't be afraid of getting debt advice. We'll help you take one more step towards getting help with your debt.
    • PoisonGirlSasa
    • By PoisonGirlSasa 11th Nov 16, 6:09 PM
    • 5 Posts
    • 2 Thanks
    PoisonGirlSasa
    Who Is Liable?
    Hi,

    Please can I ask - what happens to your debt if you die (Scotland)? My partner won't move in with me as he is concerned that if I were to die then creditors would chase him for my outstanding debt. As I understand it I thought they would take my mortgaged property and sell it as my estate in order to settle a balance but because he is not named on any of the loan forms and we aren't married that he would not be liable - please can you confirm?

    Thanks!
    • rojb123
    • By rojb123 12th Nov 16, 12:40 PM
    • 1 Posts
    • 0 Thanks
    rojb123
    Hi guys, would appreciate your help on this.

    I currently have 25K of debt which is being administered with Payplan (currently paying about £60 per month shared across 5 creditors)

    I defaulted on all accounts in 2012 during a separation.

    Next year I should be receiving early inheritance lump sum to the value of 25/30K So I would love to clear all outstanding debts and be debt free. However I would like to apply for a mortgage with my new partner in a couple of years and understand that companies like halifax look at your credit file in fine detail and any partial settlements would appear.

    A - Should I clear all debts at 100% of value before the 6 year default period ends (a couple are offering settlement options now)

    B - Wait until the 6 years defaults are all up? Then ask for settlement figures and pay in Full/Partial.

    I don't want to partially settle if it reflects badly with high street lenders in the future with the previously closed accounts that show on your credit file.

    I really appreciate your help!

    Thanks in advance Roj.
  • StepChange_Rachael
    Hi

    Thanks for your post.

    Liability for debt canít be transferred to another person. You're right that if there's any debt outstanding when someone passes away then the deceased's assets may be used to make up for the remaining debt such as equity from a property. If there aren't any assets the debt would be written off.

    Even if married and one partner dies then debt solely liable to the person who passed away wonít be transferred over to their spouse. However as previously mentioned the deceasedís share of assets could be used to make up the remaining debt.

    As youíve mentioned your partner isnít named on any of the credit agreements then he wouldnít be liable to pay any remaining debt even after your death.

    I hope this will help put your partner at ease.

    Thanks
    Rachael



    Hi,

    Please can I ask - what happens to your debt if you die (Scotland)? My partner won't move in with me as he is concerned that if I were to die then creditors would chase him for my outstanding debt. As I understand it I thought they would take my mortgaged property and sell it as my estate in order to settle a balance but because he is not named on any of the loan forms and we aren't married that he would not be liable - please can you confirm?

    Thanks!
    Originally posted by PoisonGirlSasa
    I work as a debt advisor for StepChange Debt Charity and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy.

    Don't be afraid of getting debt advice. We'll help you take one more step towards getting help with your debt.
  • StepChange_Rachael
    Hi Roj

    Welcome to the forum and thanks for your post.

    I can understand that youíd want your credit file to be in a good position when applying for a mortgage.

    With credit files many different things can positively or negatively impact them and mortgages companies will also take into consideration your income, how long youíve been in your current employment and down payment etc. before offering a mortgage.

    Defaults will only be issued once for each debt and will come off of your credit file after 6 years regardless of the status of the debt. They will have some negative impact while they are on there.

    When youíre in a Debt Management Plan (DMP) your credit file will show that youíre making regular payments back but at a reduced amount.

    If you clear the debt in full then the creditors will issue a note to say the debts successfully paid in full and is likely to be viewed by creditors more favourably than if the debt is partially settled as this shows some debt hasnít been paid back.

    Any notes on your file will normally last no longer than 6 years before being removed.

    In summary I canít see that it would make a difference to wait for the default to come off before settling the debt as it wonít impact the status of the default. However, itís my understanding that a debt paid in full is likely to be more favourable on your credit file.

    If you'd like to explore debt solutions further including settlements then you can find our contact details here.

    Take care
    Rachael





    Hi guys, would appreciate your help on this.

    I currently have 25K of debt which is being administered with Payplan (currently paying about £60 per month shared across 5 creditors)

    I defaulted on all accounts in 2012 during a separation.

    Next year I should be receiving early inheritance lump sum to the value of 25/30K So I would love to clear all outstanding debts and be debt free. However I would like to apply for a mortgage with my new partner in a couple of years and understand that companies like halifax look at your credit file in fine detail and any partial settlements would appear.

    A - Should I clear all debts at 100% of value before the 6 year default period ends (a couple are offering settlement options now)

    B - Wait until the 6 years defaults are all up? Then ask for settlement figures and pay in Full/Partial.

    I don't want to partially settle if it reflects badly with high street lenders in the future with the previously closed accounts that show on your credit file.

    I really appreciate your help!

    Thanks in advance Roj.
    Originally posted by rojb123
    I work as a debt advisor for StepChange Debt Charity and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy.

    Don't be afraid of getting debt advice. We'll help you take one more step towards getting help with your debt.
    • lulublulub
    • By lulublulub 18th Nov 16, 12:22 PM
    • 2 Posts
    • 0 Thanks
    lulublulub
    Equita threatening for Council Tax paid?
    Thank you and I hope you can help.

    I will try to keep this short.
    I paid a lump sum on my council tax which took me to July '16, halfway through the month.
    I didn't get the first notice that the remaining balance of July was due. (it had been hidden by my housemate who is dyslexic and has a tendency to hide letters).
    I then received a hearing letter in August, upon which I rang the council.
    Speaking with a live advisor, I requested the amount which would bring me up to date and paid that over the phone.
    I then was under the impression that my next month's payment would be due by the end of the month as usual.
    I then received a letter from Equita and, not wanting to deal with them (I won't pay my council tax to a private company, sorry), I rang the council again.
    Long story short, the hearing in August had gone ahead (?) and apparently I was liable to pay the council tax IN FULL.
    After a long conversation where the council rep insisted that the money had to be paid to Equita, I said to the advisor 'so, if I pay the council tax directly to the council, in full, you would not accept the money?'. She confirmed that they would not refuse any payment. I paid in full.
    I am now receiving threatening letters from Equita. my council account shows that all council tax was paid, but there is now a charge on it for £127 for the bailiff.
    Equita is demanding £426.

    my questions are:
    what is the legal standing of the bailiff and of the council?
    how should I deal with these bailiffs?
    as it is not even the end of the year and my council tax is paid in full, how is any of this acceptable?

    I am a reasonably confident individual who pays all my bills on time and I find this difficult. how the hell do people deal with this who are less secure, both financially and socially? horrible.

    thank you for any advice you can give.
    • MSE Andrea
    • By MSE Andrea 18th Nov 16, 1:09 PM
    • 8,744 Posts
    • 21,023 Thanks
    MSE Andrea
    MSE Update 18 November 2016

    Hi everyone! After four years on this discussion we've started a new one to keep it fresh and so you can see the latest information.

    Please use the new discussion to ask your questions.

    lulublulub, we're keeping this discussion open so Stepchange can reply to your post here,

    Thanks everyone!
    Could you do with a Money Makeover?


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    • Meerkat1979
    • By Meerkat1979 17th Oct 17, 9:14 AM
    • 4 Posts
    • 1 Thanks
    Meerkat1979
    Hi ,

    My friend has just checked his credit score and there is a £194 default with Virgin Media outstanding from 2016 from when he lived with his wife.

    This is the only debt he has , and he believed all bills were being paid.
    Its a small amount and if he contacts Virgin he could clear it in a few months.

    Would this then remove it from his credit file ? Or will it stay there regardless of if paid off or not ?
    • BengalTilly
    • By BengalTilly 17th Oct 17, 2:10 PM
    • 16 Posts
    • 0 Thanks
    BengalTilly
    Hello

    I'm after some debt management/consolidation advice please.

    In the passed few months my circumstances changed and I have become part time however I calculated that our monthly income would still be sufficient as long as we followed a budget. Sadly that has not been followed and this month as we speak we are at our overdraft limit so direct debits are failing for the first time ever.

    I personally have 4 credit cards which are maxed out and some of the failed direct debits sadly will be to do with them so that will make the situation worse. My credit rating is Poor 689.

    What is the best approach now as unfortunately we're going to be forever chasing our tails now to catch-up. For example, the total £370 this month of failed direct debits this month if I make payments on payday later in the month we're still going to be £370 behind (and we don't have that value of spare cash each month).

    My credit cards total and bank overdraft plus current monthly payments are as follows:

    Overdraft £1,600 total credit - monthly payment/charges £20
    MBNA credit card £3,400 total credit - monthly payment £95
    NUBA credit card £5,000 total credit - monthly payment £52
    Barclaycard credit card £5,000 total credit - monthly payment £126
    Marbles credit card £450 total credit - monthly payment £50

    TOTAL CREDIT £15,450 CURRENT MONTHLY PAYMENT £343 say

    I wondered is consolidation loans available to me (with my circumstances/credit score) that would cover the £15,450 but spread over x years with a lower monthly payment than £343. This would then allow us to get to a balanced position to follow a budget. But I'm doubtful whether this would be an option to me with my credit score?

    I accept I've got myself in this mess particularly through spending over my means but right now I need a solution and for the first time very concerned as we've never not paid direct debits before.

    Thank you in advance.
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